There are a number of easy traps to fall into when filing a tax return. Get the most out of your individual tax return this year by avoiding these common mistakes.
Get a tax refund that keeps you out of the ATO's sights by avoiding these common mistakes.
Forgot to declare all your income
The Tax Office doesn't just need the income of your current job - all income from savings accounts to dividends from shares you may own should be declared. Did you have more than one job during the financial year? If you have any investments in your name, you will need to locate the group certificate from that job and declare it as well.
Deductions that relate to motor vehicles, or rental property expenses
Many questions concern claiming costs for your car or motor vehicle, as well as rental property expenses. There are some fairly complex rules around them, including what records you need to keep.You could be facing an audit by the ATO if you make a mistake and the ATO finds out.We can help you understand the rules and make sure you have the right paperwork
Claiming work-related expenses incorrectly
The make-up used on stage can be claimed by professional ballerinas, but everyday lipgloss is not allowed. Meetings can be claimed, but not travel to the main office. In short, the Tax Office has very specific regulations regarding what can be claimed and what cannot. Your accountant can explain these to you and tell you about deductions that you may not be aware of.
Feel free to contact us for any assistance you may require. At Instant Tax Refunds, we strive to provide high-quality service that constantly meets and sometimes exceeds our customers' expectations.